Input 2021.02.25 16:20 | Revision 2021.02.25 16:49
Hyundai Autoever held an extraordinary general shareholders’ meeting at the Textile Center in Gangnam-gu, Seoul. 82.09% of all shareholders attended the extraordinary shareholders’ meeting, and 99.99% of the participating shareholders agreed to the merger with the three companies. The opposite was found to be 0.01%. According to Hyundai Autoever, a merger between companies is a special resolution at the shareholders’ meeting, and it is passed when more than two-thirds of the shareholders present and more than one-third of the total number of shares are agreed at the shareholders’ meeting.
In addition to the merger agenda, the shareholders’ meeting dealt with the approval of the amendment of the articles of incorporation to add or change the business operated by the merged corporation such as Hyundai MNSoft and Hyundai Otron.
On the same day, Hyundai MNSoft held an extraordinary shareholders’ meeting at the headquarters in Wonhyoro, Seoul, and approved the merger with 71.93% of all shareholders attending and 97.53% of the participating shareholders. Hyundai Otron also decided on a merger proposal.
The merger ratio of the three companies is Hyundai Autoever 1: Hyundai MNSoft 1.002: Hyundai Autoron 0.13. Listed companies, Hyundai Autoever, calculated the merger price by market price evaluation, and unlisted subsidiaries, Hyundai MNSoft and Hyundai Autoron, evaluated the merger value based on the intrinsic value of the law after evaluation by external accounting firms.
The newly merged corporation plans to actively respond to the rapidly changing mobility environment and market competition by integrating distributed software capabilities within the Hyundai Motor Group. At the same time, it aims to become a mobility software company with the best global competitiveness.
A company official said, “We will contribute to improving the software quality and completeness of next-generation automobiles by maximizing development efficiency by integrating the software development system (in the Hyundai Motor Group) and unifying the development entity.” “We plan to actively promote integration and development synergy, securing core automotive software technologies and strengthening service connectivity.”
Meanwhile, the exercise period for the stock purchase right for the merger of the three companies is until the 17th of the following month. The planned merger date is April 1st, and the scheduled listing date for merged new stocks is April 14th.